SECURITIES AND EXCHANGE COMMISSION

SEC FORM 17-A, AS AMENDED ANNUAL REPORT PURSUANT TO SECTION 17

OF THE SECURITIES REGULATION CODE AND SECTION 141 OF THE CORPORATION CODE OF THE PHILIPPINES

1. For the fiscal year ended

Mar 31, 2014

2. SEC Identification Number

PW538

3. BIR Tax Identification No.

000-225-442

4. Exact name of issuer as specified in its charter

FAR EASTERN UNIVERSITY, INC.

5. Province, country or other jurisdiction of incorporation or organization

Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

Nicanor Reyes Street Sampaloc, ManilaPostal Code 1008

8. Issuer's telephone number, including area code

(632) 735-8686

9. Former name or former address, and former fiscal year, if changed since last report

N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding

COMMON 13,731,303

11. Are any or all of registrant's securities listed on a Stock Exchange?

Yes

No

If yes, state the name of such stock exchange and the classes of securities listed therein:

Philippine Stock Exchange, Inc.

12. Check whether the issuer:

(a) has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17.1 thereunder or Section 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of The Corporation Code of the Philippines during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports)

Yes

No (b) has been subject to such filing requirements for the past ninety (90) days

Yes

No

13. State the aggregate market value of the voting stock held by non-affiliates of the registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of a specified date within sixty (60) days prior to the date of filing. If a determination as to whether a particular person or entity is an affiliate cannot be made without involving unreasonable effort and expense, the aggregate market value of the common stock held by non-affiliates may be calculated on the basis of assumptions reasonable under the circumstances, provided the assumptions are set forth in this Form

None

APPLICABLE ONLY TO ISSUERS INVOLVED IN INSOLVENCY SUSPENSION OF PAYMENTS PROCEEDINGS DURING THE

PRECEDING FIVE YEARS

14. Check whether the issuer has filed all documents and reports required to be filed by Section 17 of the Code subsequent to the distribution of securities under a plan confirmed by a court or the Commission.

Yes

No

DOCUMENTS INCORPORATED BY REFERENCE 15. If any of the following documents are incorporated by reference, briefly describe them and identify the part of SEC Form 17-A into which the document is incorporated:

(a) Any annual report to security holders N/A (b) Any information statement filed pursuant to SRC Rule 20 N/A (c) Any prospectus filed pursuant to SRC Rule 8.1

N/A

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Far Eastern University, Incorporated

FEU PSE Disclosure Form 17-1 - Annual Report

References: SRC Rule 17 and Sections 17.2 and 17.8 of the Revised Disclosure Rules

For the fiscal year ended Mar 31, 2014

Currency (indicate units, if applicable) Philippine Peso

Balance Sheet

Year Ending Previous Year Ending

Mar 31, 2014 Mar 31, 2013

Current Assets 3,046,212,408 2,946,816,638

Total Assets 8,053,448,592 7,027,267,835

Current Liabilities 634,269,481 497,302,683

Total Liabilities 1,515,188,863 1,362,721,777

Retained Earnings/(Deficit) 3,743,328,450 3,259,048,975

Stockholders' Equity 6,538,259,729 5,664,546,058

Stockholders' Equity - Parent 4,906,627,621 4,594,657,202

Book Value per Share 476 413

Income Statement

Year Ending Previous Year Ending

Mar 31, 2014 Mar 31, 2013

Operating Revenue 2,448,192,464 2,531,087,644

Other Revenue 201,622,326 158,668,482

Gross Revenue 2,649,814,790 2,689,756,126

Operating Expense 1,618,887,807 1,625,892,874

Other Expense 0 0

Gross Expense 1,618,887,807 1,625,892,874

Net Income/(Loss) Before Tax 1,030,926,983 1,063,863,252

Income Tax Expense 128,109,779 173,007,093

Net Income/(Loss) After Tax 902,817,204 890,856,159

Net Income/(Loss) Attributable to Parent Equity Holder 855,024,656 800,228,225

Earnings/(Loss) Per Share (Basic) 62.27 58.28

Earnings/(Loss) Per Share (Diluted) 62.27 58.28

Financial Ratios

Formula

Fiscal Year Ended Previous Fiscal Year

Mar 31, 2014 Mar 31, 2013

Liquidity Analysis Ratios:

Current Ratio or Working Capital Ratio

Current Assets / Current Liabilities 4.8 5.93

Quick Ratio (Current Assets - Inventory - Prepayments) / Current Liabilities

4.24 4.85

Solvency Ratio Total Assets / Total Liabilities 5.32 5.15

Financial Leverage Ratios

Debt Ratio Total Debt/Total Assets 19 19

Debt-to-Equity Ratio Total Debt/Total Stockholders' Equity 23 24

Interest Coverage Earnings Before Interest and Taxes (EBIT) / Interest Charges

967 411

Asset to Equity Ratio Total Assets / Total Stockholders' Equity 1.23 1.24

Profitability Ratios

Gross Profit Margin Sales - Cost of Goods Sold or Cost of Service / Sales

- -

Net Profit Margin Net Profit / Sales 37 35

Return on Assets Net Income / Total Assets 11 13

Return on Equity Net Income / Total Stockholders' Equity 12 17

Price/Earnings Ratio Price Per Share / Earnings Per Common Share 1,150 1,220

Other Relevant Information

-  

FAR EASTERN UNIVERSITY

P.O. BOX 609 MANILA, PHILIPPINES

SECURITIES AND EXCHANGE COMMISSION SEC FORM 17 - A

ANNUAL REPORT PURSUANT TO SECTION 17

OF THE SECURITIES REGULATION CODE AND SECTION 141 OF THE CORPORATION CODE

1. For the fiscal year ended March 31, 2014 2. SEC Identification Number 538 3. BIR Tax Identification No. 000-225-442 4. Exact name of registrant as specified in its charter Far Eastern University, Inc. 5. PHILIPPINES Province, Country or other jurisdiction of incorporation or organization 6. ____________ / / (SEC use only) /____________ / Industry Classification Code: 7. Nicanor Reyes Street, Sampaloc, Manila 1008 Address of principal office Postal Code 8. (632) 735-56-21 Issuer's telephone number including area code 9. NOT APPLICABLE Former name, former address, and former fiscal year, if changed since last report. 10. Securities registered pursuant to Sections 8 and 12 of the SRC, or Sec. 4 and 8 of the RSA Number of Shares of Common Stock Outstanding and Amount Title of Each Class of Debt Outstanding Common Stock, P100.00 par value 13,731,303 Bond with Non-Detachable Warrant, Not Applicable P/ 1.00 per unit

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11. All securities (common shares) are listed with the Philippine Stock Exchange, Inc. 12. Check whether the registrant: (a) has filed reports required to be filed by Section I7 of the SRC and SRC Rule 17

thereunder and Sections 26 and 141 of the Corporation Code of the Philippines during the preceding 12 months (or for such shorter period that the registrant was required to file such reports);

Yes [ x ] No [ ] 13. The aggregate market value of the voting stock held by non-affiliates: None

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TABLE OF CONTENTS PART I - BUSINESS AND GENERAL INFORMATION NO. OF PAGES Item 1 - Business 7 Item 2 - Properties 10 Item 3 - Legal Proceedings 1 Item 4 - Submission of Matters To A Vote of Security Holders 1 PART II - OPERATIONAL AND FINANCIAL INFORMATION Item 5 - Market for Issuer’s Common Equity and Related Stockholders Matters 3 Item 6 - Management’s Discussion and Analysis or Plan Operation 15 Item 7 - Financial Statements 175 Item 8 - Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 1 PART III - CONTROL AND COMPENSATION INFORMATION Item 9 - Directors and Executive Officers of the Issuer 9 Item 10 - Executive Compensation 4 Item 11 - Security Ownership of Certain Beneficial Owners and Management 2 Item 12 - Certain Relationship and Related Transactions 4 PART IV EXHIBITS AND SCHEDULES Item 13 - Exhibits and Reports on SEC Form 17-C a. Exhibits 1 b. Reports on SEC FORM I7 - C 5 c. Quarterly Reports 1

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PART I - BUSINESS AND GENERAL INFORMATION Item 1. Business Far Eastern University, Inc. (“FEU or the “Corporation) was incorporated in 1933. Brief Discussion of Business Far Eastern University, Inc. founded in 1928, is a private non-sectarian institution of learning. Guided by the core values of Fortitude, Excellence and Uprightness, FEU aims to be a university of choice in Asia. Committed to the highest intellectual, moral and cultural standards, FEU strives to produce principled and competent graduates. It nurtures a service-oriented and environment-conscious community which seeks to contribute to the advancement of the global society. Tuition and other fees which are the main sources of its financial stability are moderate, subject to government regulation. The University also provides full and partial scholarships to deserving students. An FEU Foundation supplements the University scholarship program by providing special grants. The University maintains excellent facilities such as an electronic library, various types of laboratories, auditorium, audio-visual and multimedia rooms, clinic, technology-based gate security and enrollment system, gymnasiums, and spacious air-conditioned classrooms to best serve the students. The University was granted deregulated status for five years beginning October 22, 2001 until October 21, 2006 per CHED Memorandum Order (CMO) No. 38, Series 2001. Then, per CMO No. 52, Series 2006, the deregulated status was extended until the end of Second Semester, SY 2006-2007. Moreover, per CMO No. 59, Series 2007, the University was granted the same status from November 15, 2007 to November 14, 2008. On January 22, 2009, through a Memorandum from the CHED Chairman, FEU’s status was extended until April 30, 2009. On March 17, 2009, CHED extended the University’s deregulated status for another five years, that is, from March 11, 2009 until March 30, 2014. Effective July 25, 2012, Far Eastern University – Manila was granted the Autonomous status until May 31, 2014. Product: The Corporation is an educational institution. A private, non-sectarian institution of

learning comprising the following different Institutes that offer specific programs: A.) Institute of Arts and Sciences (IAS) Programs: Master’s: Master of Arts in Psychology Master of Arts major in:

• Mass Communication • Letters

Baccalaureate: Bachelor of Arts in:

• Communication • English Language • Literature • Political Science • International Studies

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Bachelor of Science in:

• Biology • Psychology • Applied Mathematics with Information Technology • Medical Technology

B.) Institute of Accounts, Business and Finance (IABF) Programs: Baccalaureate: Bachelor of Science in Accountancy Bachelor of Science in Business Administration major in:

• Business Economics • Financial Management • Marketing Management • Human Resource Development Management • Business Management • Internal Auditing • Legal Management

C.) Institute of Tourism and Hotel Management (ITHM) Programs: Baccalaureate: Bachelor of Science in:

• Hotel and Restaurant Management • Tourism Management

D.) Institute of Education (IE) Programs: Doctorate: Doctor of Education major in Educational Administration Master’s: Master of Arts in Education major in:

• Educational Administration (Thesis Program) • Curriculum and Instruction (Thesis Program) • Curriculum and Instruction (Non-Thesis Program) • Special Education (Thesis Program)

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Baccalaureate: Bachelor of Elementary Education major in:

• General Education • Special Education

Bachelor of Secondary Education major in:

• Mathematics • Sports & Recreational Management • English • General Science

Bachelor of Physical Education major in School Physical Education

Certificate: Teacher Certificate Program

E.) Institute of Architecture and Fine Arts (IARFA)

Programs: Baccalaureate: Bachelor of Science in Architecture Bachelor of Fine Arts major in:

• Advertising Arts • Painting

F.) Institute of Law (IL) Programs: Post-Baccalaureate: Bachelor of Laws Juris Doctor G.) Institute of Nursing Programs: Master’s: Master of Arts in Nursing Baccalaureate: Bachelor of Science in Nursing

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H.) FEU-Makati Programs: Master’s: Master in Business Administration Baccalaureate: Bachelor of Science in

• Accountancy • Accounting Technology • Information Technology

Bachelor of Science in Business Administration major in:

• Business Economics • Financial Management • Marketing Management • Human Resource Development Management • Operations Management

All programs offered in the University were granted approval/permits by CHED and other concerned government institutions. Accreditation on Programs The Philippine Association of Colleges and Universities Commission on Accreditation (PACUCOA) granted Certificates of Level III Second Reaccredited Status, from April 2011 to April 2016 to: Bachelor of Arts in Mass Communication Bachelor of Science in Business Administration major in: Business Economics Financial Management Marketing Management Human Resource Development Management Operations Management Business Management Internal Auditing Legal Management Similarly, effective April 2011, PACUCOA granted a Level III Reaccredited Status to: Bachelor of Science in Accountancy Bachelor of Science in Biology Bachelor of Science in Applied Mathematics with Information Technology Bachelor of Science in Psychology

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Bachelor of Secondary Education Bachelor of Elementary Education Meanwhile, the Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) visited the University on September 16-17, 2010 and granted a Level II Reaccredited Status to its Nursing program for another 5 years. It is the policy of Far Eastern University to provide quality educational services. This commitment is embodied in, and fully supported by, the University’s Quality Management System (QMS) which has been certified to the latest version, ISO 9001-2008, through Certificate Registration No. TUV 100 05 0416 valid until January 17, 2015. Thus, the students and other stakeholders are assured that services provided by FEU are in accordance with standard procedures in its QMS which undergo continuous improvement for the satisfaction of the University’s customers. Distribution methods of the products/services: Since this is an educational institution, its services are certainly focused on the students. The tuition of students in the following Institutes significantly (10% and up) contributed to the revenues of the University: Institute Percentage to Revenues Institute of Arts and Sciences 28% Institute of Accounts, Business 25% and Finance Institute of Tourism and Hotel Management 20% Institute of Architecture and Fine Arts 10% Customers: Students Purchases of Raw Materials: NOT APPLICABLE Distribution methods of the products/services: Since this is an educational institution, its services are certainly focused on the students. Competition: Since the school which is the main core of the business is situated in the University Belt, the competitors are prestigious colleges and universities within the specified area. FEU can effectively compete with these institutions of learning because of its well-modulated tuition fees subject to government regulations, air-conditioned classrooms, electronic library and continuous improvement of physical plant and facilities. Diverse scholarships are also offered and a magnificent line-up of cultural performances for the whole year is presented, free for all students. Moreover, the University recently acquired the Level III re-accredited status for most of its Liberal

Arts and Commerce programs. - 9 -

Whistle-Blowing Policy The company encourages responsible whistle blowers and gives them adequate protection. On the other hand, irresponsible and indiscriminate accusations are netted the corresponding sanctions. Affiliates and Subsidiaries FEU EAST ASIA COLLEGE Initiated by the leaders of the industry and the academe, FEU East Asia College (FEU-EAC) started its operation in 1992 offering courses in Computer Studies. To consolidate the technology courses, the Institute of Engineering of the Far Eastern University was transferred to FEU-EAC in 2002 making it the Technology College of the FEU Group. Currently, the College offers the following courses: Engineering Programs: B.S. Civil Engineering B.S. Computer Engineering B.S. Electrical Engineering B.S. Electronics Engineering Computer Studies Programs: B.S. Computer Science, with specialization in Software Engineering B.S. Information Technology, with specialization in: Digital Arts Web Applications Development Animation and Game Development Associate in Computer Technology (Diploma course) Master in Information Technology Proving to be a venue “Where Industry meets Academe,” FEU - East Asia College has strong partnership with the larger community and has excellent Computer and Engineering curricula which are relevant to the current industry trends and needs. The commitment of FEU - East Asia College to be an institution of quality education has been acknowledged as the Commission of Higher Education recognized the College as a Center of Development (COD) for Information Technology Education. FEU FERN COLLEGE

FEU FERN College (Nicanor Reyes Educational Foundation) is a non-stock, non-profit institution of higher learning. FEU FERN College, being a part of the FEU group, was founded in 1994 to commemorate the birth centennial of Dr. Nicanor Reyes Sr., the founder and the first president of the Far Eastern University. Dr. Reyes was an epitome of nationalism as he pioneered the first Institute of Accountancy to enable Filipinos, including working students, to become accountants.

The Basic Education Department, offering classes from Pre-school to High School, is committed to providing education in a safe and supportive environment that promotes self-discipline, motivation, and excellence in learning. It continues to educate its students to do critical thinking, to be articulate, and to take initiative in their endeavors.

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The foundation provides a caring and enjoyable environment that enables students to acquire professional competencies in the fields of Accountancy, Business, and Information Technology, together with strong industry linkages with BPOs and Business Enterprises, giving them the best chance at a career right after graduation. FEU FERN College continues to recruit and retain excellent faculty, genuinely serve the students, improve on operational efficiency, enhance curricula, improve alumni relations, and strive for the highest academic standards, through a holistic education, anchored on Fortitude, Excellence and Uprightness.

FAR EASTERN COLLEGE SILANG, INC. Far Eastern College Silang, Incorporated, a wholly owned subsidiary of Far Eastern University, consists of two medium-rise buildings, one each for Basic Education and College, on two separate sites, totaling five and a half hectares within the gated and secured environs of MetroGate Estates on Aguinaldo Highway, Silang, Cavite Incorporated in 2009, the pristine campus rests amidst an invigorating atmosphere, with the eco-friendly structures housing spacious classrooms, equipped with state-of-the-art learning facilities that are deemed at par with existing international schools. It was in June 2010 when the new campus opened its doors to students for pre-school, grade school, high school and tertiary levels. The college division offers degree programs in Hotel and Restaurant Management, Tourism Management, Business Administration, Secondary Education and Elementary Education. Three more programs were added in SY 2012-13: Accountancy, Information Technology and Psychology. The Center for Continuing Education offers non-degree programs and short courses such as English as a Second Language (ESL) and TESDA courses like Culinary Arts, Housekeeping Operations, Bar Management, and Baking and Pastry, among others.

Item 2. Properties

FEU owns Seventeen Thousand Nine Hundred Sixty-Seven (17,967) square meters of real properties with improvementsin Nicanor Reyes Street, Sampaloc, Manila, wherein its main campus is situated.

The principal properties which include buildings, land improvements and equipments are as follows:

Gross Book Value Accumulated Depreciation Net Book Value Location Condition

FAR EASTERN UNIVERSITY

I. PROPERTY, PLANT & EQUIPMENT:

L A N D 98,457,565.00 - 98,457,565.00 Manila Very GoodLAND - BILUSO, SILANG 41,434,567.00 - 41,434,567.00 Cavite "

139,892,132.00 139,892,132.00

BUILDINGS & LAND IMPROVEMENTS

Technology 286,667,446.00 132,487,693.00 154,179,753.00 Manila "Alfredo Reyes Hall 121,131,348.00 52,809,960.00 68,321,388.00 " "Leasehold Improvement 383,313,959.00 78,770,876.00 304,543,083.00 " "Science Building 160,202,239.00 36,187,695.00 124,014,544.00 " "Arts Building 33,404,947.00 11,249,295.00 22,155,652.00 " "Nicanor Reyes Hall 194,501,195.00 17,530,318.00 176,970,877.00 " "GEC & Educational Hall - - - " "Grade School - - - " "S B Covered Walk 617,737.00 617,737.00 - " "Covered Passage 3,202,126.00 1,210,353.00 1,991,773.00 " "Perimeter Fence 715,360.00 689,729.00 25,631.00 " "Campus Pavilion 1,661,650.00 611,388.00 1,050,262.00 " "Pavilion 2 & Pergola 310,000.00 310,000.00 - " "Electrical Rooms 296,196.00 296,196.00 - " "Chapel 5,263,611.00 - 5,263,611.00 " "Others 9,992,679.00 2,829,140.00 7,163,539.00 " "Grandstand 1,562,113.00 345,471.00 1,216,642.00 " "FEU Makati Campus 166,986,490.00 29,369,038.00 137,617,452.00 Makati "

1,369,829,096.00 365,314,889.00 1,004,514,207.00

CONSTRUCTION IN PROGRESS II 1,260,400.00 - 1,260,400.00 Manila "1,260,400.00 1,260,400.00

EQUIPMENTS

Furnitures & Fixtures 54,868,180.00 30,284,232.00 24,583,948.00 Manila "Electrical & Mechanical 113,451,392.00 72,794,639.00 40,656,753.00 " "Information Technology 89,646,750.00 58,078,296.00 31,568,454.00 " "Transportation Equipment 34,669,915.00 23,453,235.00 11,216,680.00 " "Miscellaneous Fixed Assets 103,703,682.00 90,549,089.00 13,154,593.00 " "T o o l s 1,375,994.00 1,259,122.00 116,872.00 " "Museum Collection 9,065,199.00 - 9,065,199.00 " "Laboratory Equipment 24,333,803.00 2,270,951.00 22,062,852.00 " "Athletic & Sports Equipment 796,187.00 292,843.00 503,344.00 " "Musical Instrument 2,251,942.00 365,032.00 1,886,910.00 " "

434,163,044.00 279,347,439.00 154,815,605.00

TOTAL 1,945,144,672.00 644,662,328.00 1,300,482,344.00

II. INVESTMENT PROPERTY:

LAND 53,394,726.00 - 53,394,726.00 Manila "LAND - FILINVEST 1,053,292,737.00 - 1,053,292,737.00 Muntinglupa "

1,106,687,463.00 1,106,687,463.00

CONSTRUCTION IN PROGRESS I 5,702,187.00 - 5,702,187.00 Muntinglupa "

11

COLLEGE OF ENGINEERING BUILDING 243,831,472.00 121,758,417.00 122,073,055.00 Manila "FEU SILANG 1 204,550,000.00 17,669,375.00 186,880,625.00 Cavite "FEU SILANG 11 222,826,542.00 18,340,342.00 204,486,200.00 Cavite "

671,208,014.00 157,768,134.00 513,439,880.00

TOTAL 1,783,597,664.00 157,768,134.00 1,625,829,530.00

TOTAL - FEU 3,728,742,336.00 802,430,462.00 2,926,311,874.00

The above-mentioned properties are not mortgaged, encumbered, or under any lien.

FERN REALTY CORPORATION

INVESTMENT PROPERTYLand 459,399,933.00 - 459,399,933.00 Mla- Mkti-Cavite "Land Improvements 2,941,666.00 2,941,666.00 - Mla- Mkti-Cavite "Building 184,664,352.00 65,677,683.00 118,986,669.00 Manila "Building Improvements 7,576,800.00 5,937,422.00 1,639,378.00 Various "Construction in Progress 84,926,803.00 - 84,926,803.00 Mkti -Taguig "

TOTAL 739,509,554.00 74,556,771.00 664,952,783.00

EAST ASIA COMPUTER CENTER, INC.

Construction in Progress 790,523,940.00 - 790,523,940.00 ManilaFurnitures & Fixtures 1,212,330.00 - 1,212,330.00 Manila newly acquiredComputer Equipment 1,225,900.00 - 1,225,900.00 Manila newly acquired

TOTAL 792,962,170.00 - 792,962,170.00

FEU CAVITE

Furnitures & Fixtures 6,198,209.00 2,990,936.00 3,207,273.00 Cavite Very GoodElectrical & Mehanical 1,842,687.00 1,056,498.00 786,189.00 Cavite "Tools 25,815.00 9,854.00 15,961.00 Cavite "Instruments 4,231,353.00 2,253,953.00 1,977,400.00 Cavite "

TOTAL 12,298,064.00 6,311,241.00 5,986,823.00

GRAND TOTAL 5,273,512,124.00 883,298,474.00 4,390,213,650.00

PROPERTIES LEASED BY THE CORPORATION FROM FERN REALTY, INC.

ANNUAL RENTAL ( 12 MONTHS) CONTRACT DATE

Education Building - an eight ( 8 ) storey building made of concrete located at Nicanor Reyes St., Manila P 53,815,767.32 July 1, 2013 to June 30, 2014 Nursing Building - an eight ( 8 ) storey building made of concrete plus applicable VAT located at Nicanor Reyes St., ManilaLaw Building - a four ( 4 ) storey building made of concrete located at Nicanor Reyes St., ManilaAdministration Building - a four ( 4 ) storey building made of concrete located at Nicanor Reyes St., Manila

Gymnasium - a two ( 2 ) storey building made of concrete 7,778,580.00 April 1, 2013 to March 31, 2014 located on R. Papa St., Manila plus applicable VAT Athletes' Quarter, additional space - Ground Floor (234.44 sq.m.), of a five (5) storey building 562,656.00 April 4, 2013 to April 3, 2014 made of concrete located at P. Paredes cor S.H. Loyola St., Sampaloc, Manila plus applicable VAT Athletes' Quarter, portion of the 2nd Floor (790 sq.m.), of a five (5) storey building 2,304,599.85 December 1, 2013 to December 1, 2014 made of concrete located at P. Paredes cor S.H. Loyola St., Sampaloc, Manila plus applicable VAT FEU Makati Branch - (1) parcel of land (2,186 sq.m.) located at Makati Central 7,377,750.00 Business District bounded by Sen. Gil Puyat Avenue, Malugay Street, Manila plus applicable VAT December 1, 2013 to November 30, 2014 and Geronimo Street, Makati City

FEU FERN Bookstore - a portion of Ground Floor (48 sq.m.) of a five (5) storey building 86,400.00 February 11, 2013 to January 10, 2015 made of concrete Sampaguita Avenue, Barangay Pasong Tamo, Quezon City. plus applicable VAT

Computer Laboratory - a portion of ground floor (292.74 sq.m.) Nursing Building 1,936,475.10 June 1, 2013 to May 31, 2014 made of concrete located at Nicanor Reyes St., Manila plus applicable VAT

The lease contract shall not be deemed extended by implicationbeyond the contract period for any cause or reason whatsoever, but only bynegotiation and written agreement of the LESSOR and the LESSEE.

12

PROPERTY LEASED BY EAST ASIA FROM FEU, INC.

FEU EAC Main Building and FEU-EAC Annex Building located at Nicanor Reyes St., Manila 29,912,335.00 October, 1, 2013 to April 30, 2014 7,553.62 sq.M. plus applicable VAT

4th - 8th floors and Rooms 906, 907, 908 of 9th floor of the Technology Building located 28,830,503.00 October, 1, 2013 to April 30, 2014 at Nicanor Reyes St., Manila plus applicable VAT 7,280.43 sq.m.

PROPERTY LEASED BY FEU CAVITE FROM FEU, INC.

Two concrete buildings located at FEU-Silang, Cavite 600,000.00 plus applicable VAT August 1, 2012 to July 31, 2022

- 13 - Properties intended to be acquired in the next 12 months AMOUNT None Not Applicable Employees: (As of March 31, 2014) Number of Employees Officials - 10 Senior Staff - 49 Non-Academic: Supervisor - 63 Rank-and-File - 299 Probationary/Contractual Monthly - 14 Academic: Lecturer - 584 Regular - 372 With the economic condition prevailing in the country, the corporation has no plan of hiring employees within the ensuing twelve months. It will make use of its present employees and faculty members to meet its manpower requirements. Inclusive Dates of CBA Non-Academic July 16, 2011 - July 15, 2016 Academic Sept. 1, 2011 - August 31, 2016 The labor unions of the employees and the faculty members have never been on strike in the last ten years, and pose no threat to strike in the foreseeable future. Employees and faculty members have a harmonious relationship with the Administration.

Working Capital: All of the company's working capital for its existing operation for fiscal year April 1, 2013 to March 31, 2014 was internally generated.

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Other Supplemental Benefits or Incentive Arrangements the Registrant has or will have with its employees Employee Faculty 1. Average Annual Increase in Basic Salary for three years 10% 10% 2. Yearly Rice Allowances P 7,000.00 P 7,000.00 3. Yearly Medical P 55,000.00 plus health card P 30,000.00 plus (premium deducted health card from P55,000.00) 4. Educational for employees and for faculty and dependents dependents 5. One-time Signing Bonus P 10,000.00 P 10,000.00 6. One-time No Strike Bonus P 150,000.00 P 150,000.00 7. Others Various Various

Risk Management and Objectives and Policies The Group is exposed to certain financial risks in relation to financial instruments. Its main purpose for its dealings in financial instruments is to fund operational and capital expenditures. The BOT has the overall responsibility for the establishment and oversight of the Group’s risk management framework. It has a risk management committee headed by an independent trustee that is responsible for developing and monitoring the Group’s policies, which address risk management areas. Management is responsible for monitoring compliance with the Group’s risk management policies and procedures and for reviewing the adequacy of these policies in relation to the risks faced by the Group. The Group does not engage in trading of financial assets for speculative purposes nor does it write options. The most significant financial risks to which the Group is exposed to are described in the succeeding paragraphs.

Market Risk

a. Foreign Currency Risk Most of the Group’s transactions are carried out in Philippine pesos, its functional currency. Exposures to currency exchange rates arise from the University’s AFS debt securities which are denominated in U.S. dollars (USD) and euro (EUR), and insignificant dollar deposit.

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To mitigate the Group’s exposure to foreign currency risk related to the foreign currency-denominated AFS debt securities, management entered into a cross-currency swap agreement. As to the dollar deposit, management keeps the amount of deposits at a low level. 2014 2013 2012 _ USD EUR USD EUR USD EUR

Short-term exposure – Financial assets P 88,764 P - P 3,962,877 P - P 966,857 P - Long-term exposure – Financial assets P 309,044,002 P 68,785,580 P 147,193,807 P 58,496,721 P154,607,790 P 63,560,026

The following table illustrates the sensitivity of the Group’s profit before tax with respect to changes in Philippine peso against USD and EUR exchange rates. The percentage changes in rates have been determined based on the average market volatility in exchange rates, using standard deviation, in the previous 12 months at a 68% confidence level.

2014 2013 2012 Reasonably Effect in Reasonably Effect in Reasonably Effect in possible profit before Effect in possible profit before Effect in possible profit before Effect in change in rate tax equity change in rate tax equity change in rate tax equity PhP - USD 20.61% (P 18,294) (P 63,693,969) 14.25% (P 564,570) (P20,969,907) 8.07% (P 78,069) (P 12,483,869) PhP - EUR 33.31% - ( 22,912,477) 17.58% - ( 10,285,726) 27.98% - ( 17,781,023) (P 18,294) (P 86,606,446) (P 564,570) (P31,255,633) (P 78,069) (P 30,264,892)

Exposures to foreign exchange rates vary during the year depending on the volume of foreign currency denominated transactions. Nonetheless, the analysis above is considered to be representative of the Group’s foreign currency risk. b. Interest Rate Risk The Group’s exposure to interest rate risk arises from the following interest-bearing financial instruments which are subject to variable interest rates. All other financial assets and liabilities have fixed rates.

Notes 2014 2013 2012 Cash and cash equivalents 8 P 559,380,865 P 337,545,519 P 485,761,243 AFS financial assets 11 1,495,509,753 1,645,490,432 1,595,554,561 Other current assets 13 134,944,032 393,155,724 191,650,693

Interest-bearing loans 18 ( 800,000,000) ( 800,000,000) - P1,389,834,650 P1,576,191,675 P2,272,966,497

- 16 -

The following table illustrates the sensitivity of profit before tax for the years with regard to the Group’s interest-bearing financial instruments. These percentages have been determined based on the average market volatility rates, using standard deviation, in the previous 12 months, estimated at a 68% level of confidence. The sensitivity analysis is based on the Group’s financial instruments held at March 31, 2014, 2013 and 2012. 2014 2013 2012 Reasonably Effect on Reasonably Effect on Reasonably Effect on possible profit before possible profit before possible profit before change in rate tax change in rate tax change in rate tax

Cash and cash equivalents +/-0.46% P 2,573,152 +/-0.41% P 1,383,937 +/-0.98% P 4,760,460 AFS financial assets +/-0.59% 8,823,508 +/-1.16% 19,087,689 +/-1.21% 19,306,210 Other current assets +/-0.59% 796,170 +/-1.16% 4,560,606 +/-1.21% 2,318,973 Interest-bearing loans +/-0.65% ( 5,200,000 ) +/-0.93% ( 7,440,000 ) - - P 6,992,830 P 17,592,232 P 26,385,643

c. Other Price Risk The Group’s exposure to price risk arises from its investments in equity securities, which are classified as AFS Financial Assets in the consolidated statements of financial position. These consist of publicly-listed equity securities which are carried at fair value. Management monitors its equity securities in its investment portfolio based on market indices. Material investments within the portfolio are managed on an individual basis. For equity securities listed in the Philippines, an average volatility of 17.43%, 12.27% and 15.74% has been observed during 2014, 2013 and 2012, respectively. If quoted prices for these securities increased or decreased by that amount, profit before tax would have changed by P143.3 million, P45.9 million and P35.0 million in 2014, 2013 and 2012, respectively. No sensitivity analysis was provided for government and corporate bonds, and investments in trust classified as AFS financial assets as management deemed that the risk at the end of the year is not representative of a risk inherent in financial instruments. The investments are considered medium to long-term strategic investments. In accordance with the Group’s policies, no specific hedging activities are undertaken in relation to these investments, except as discussed in Note 10 in connection with its investment in cross currency swap. The investments are continuously monitored to ensure returns of these equity instruments are timely utilized or reinvested in the Group’s favor.

Credit Risk Credit risk represents the loss the Group would incur if the counterparty fails to perform its contractual obligations. The Group’s exposure to credit risk on its receivables relates primarily to the inability of the debtors to pay and students to fully settle the unpaid balance of tuition fees and other charges which are owed to the Group based on installment payment schemes. The Group has established controls and procedures to minimize risks of non-collection. Students are not allowed to enroll in the following semester unless the unpaid balance in the previous semester has been paid.

- 17 -

The Group also withholds the academic records and clearance of the students with unpaid balances; thus, ensuring that collectability is reasonably assured. The Group’s exposure to credit risk on its other receivables from debtors and related parties is managed through setting limits and monitoring closely said accounts. The maximum credit risk exposure of financial assets is the carrying amount of the financial assets as shown in the consolidated statements of financial position or in the detailed analysis provided in the notes to the consolidated financial statements, as summarized below.

Notes 2014 2013 2012 Cash and cash equivalents 8 P 559,584,420 P 338,059,095 P 486,095,989 Trade and other receivables – net 9 404,552,152 493,525,522 469,042,810 Financial asset at FVTPL 10 - 18,629,900 - AFS financial assets (excluding equity securities) 11 1,495,509,753 1,645,490,432 1,595,554,561 Short-term investments 13 134,944,032 393,155,724 191,650,693 Refundable deposits 13 3,929,796 3,929,796 3,929,796 P 2,598,520,153 P 2,892,790,469 P 2,746,273,849

The table below and in the succeeding page shows the credit quality of the Group’s financial assets as at March 31, 2014, 2013 and 2012 having past due but not impaired components.

Neither past due nor Past due and Notes impaired impaired Total 2014 Cash and cash equivalents 8 P 559,584,420 P - P 559,584,420 Trade and other receivables – net 9 357,966,474 46,585,678 404,552,152 AFS financial assets (except equity securities) 11 1,495,509,753 - 1,495,509,753 Short-term investments 13 134,944,032 - 134,944,032 Refundable deposits 13 3,929,796 - 3,929,796 P 2,551,934,475 P 46,585,678 P 2,598,520,153

- 18 - Neither past due nor Past due and Notes impaired impaired Total 2013 Cash and cash equivalents 8 P 338,059,095 P - P 338,059,095 Trade and other receivables – net 9 358,641,555 134,883,967 493,525,522 Financial asset at FVTPL 10 18,629,900 - 18,629,900 AFS financial assets (except equity securities) 11 1,645,490,432 - 1,645,490,432 Short-term investments 13 393,155,724 - 393,155,724 Refundable deposits 13 3,929,796 - 3,929,796

P 2,757,906,502 P 134,883,967 P 2,892,790,469 2012 Cash and cash equivalents 8 P 486,095,989 P - P 486,095,989 Trade and other receivables – net 9 436,331,538 32,711,272 469,042,810 AFS financial assets (except equity securities) 11 1,595,554,561 - 1,595,554,561

Short-term investments 13 191,650,693 - 191,650,693 Refundable deposits 13 3,929,796 - 3,929,796 P 2,713,562,577 P 32,711,272 P 2,746,273,849

The Group’s management considers that all the above financial assets are not impaired and of good credit quality, except those specifically provided with allowance for impairment at the end of the reporting period. The age of past due but not impaired receivables is about six months for each of the three years. None of the Group’s financial assets are secured by collateral or other credit enhancements, except for cash and cash equivalents as described below.

Liquidity Risk The Group manages liquidity risk by maintaining a balance between continuity of funding and flexibility. Treasury controls and procedures are in place to ensure that sufficient cash is maintained to cover daily operational and working capital requirements. Management closely monitors the Group’s future and contingent obligations and ensures that future cash collections are sufficient to meet them in accordance with internal policies. The Group invests in short-term placements when excess cash is obtained from operations.

- 19 -

As at March 31, 2014, 2013 and 2012 the Group’s financial liabilities have contractual maturities which are presented below.

Current Non-current Within 6 to 12 1 to 5 6 Months Months Years 2014 Trade and other payables P 575,541,331 P 3,866,207 P - Interest-bearing loans 7,088,079 6,338,079 954,507,227 Derivative liability - 14,433,500 - Other non-current liabilities - - 3,063,144 P 582,629,410 P 24,637,786 P 957,570,371 2013 Trade and other payables P 400,408,948 P 9,640,003 P - Interest-bearing loans 2,306,123 1,223,654 944,078,904 Other non-current liabilities - - 4,632,374 P 402,715,071 P 10,863,657 P 948,711,278 2012 Trade and other payables P 348,806,978 P 9,640,003 P - Interest-bearing loans 3,335,931 2,885,931 10,957,972 Derivative liability - 1,145,972 - Other non-current liabilities - - 4,903,932

P 352,142,909 P 13,671,906 P 15,861,904

The contractual maturities presented above reflect the gross cash flows, which may differ from the carrying values of the liabilities at the end of the reporting period. Item 3. Legal Proceedings Hereunder is the list of the legal proceedings involving the company which is being handled by Atty. Enrico G. Gilera, the University Legal Counsel: External Cases Pending Court Cases as of 1 April 2014 1. Ma. Corazon Abella vs. FEU, NLRC Case No. 2013-07597 2. Sammy Dolba vs. FEU, NLRC Case No. 02-01887-14 3. Ryan Liba vs. FEU, NLRC Case No. 03-02658-14 4. Emily Dela Paz vs. FEU, NLRC Case No. 2014-02-02720 5. Richelle Simon et al. vs. FEU, CA GR. SP No. 120312

- 20 -

Involvement of Directors and Officers in Certain Legal Proceedings None of the directors and officers of the registrant or any of its subsidiaries or affiliates was involved during the past five (5) years in any bankruptcy proceeding. Neither have they been convicted by final judgment in any criminal proceeding or been subject to any order, judgment or decree of competent jurisdiction, permanently or temporarily enjoining barring, suspending, or otherwise limiting their involvement in any type of business, securities, commodities, or banking activities, nor found by any court or administrative body to have violated a securities or commodities law. The registrant or any of its subsidiaries or affiliates is not a party to any pending legal proceedings in which any of their property is the subject. Item 4. Submission of Matters to a Vote of Security Holders The registrant is not a party to any voting trust agreement. No security holder of the

Registrant holds a voting trust or any other similar agreement.

Part II - OPERATIONAL AND FINANCIAL INFORMATION Item 5. Market for Registrants Common Equity and Related Stockholders Matters

DIVIDENDS DECLARED FOR THE FISCAL YEAR ENDED MARCH 31, 2014 Dividends During the Year: Cash Dividend: Payment Outstanding Cash Dividend Date Shares Rate Amount

July 17, 2013 13,731,303 P 15.00/share P 205,969,545.00

January 15, 2014 13,731,303 12.00/share 164,775,636.00 P 370,745,181.00 ================= Stock Dividend: None Dividend Policy

Cash dividend on common shares shall be paid based on the approval of the Board of Trustees up to the amount of the unrestricted retained earnings and available cash, while stock dividend on common shares shall be paid based on the approval of the Board of Trustees, ratified by the stockholders, based on the unrestricted retained earnings up to the approved authorized capital stock.

- 21 -

Recent Sales of Unregistered Securities

Not a single common share is considered unregistered security. All shares are registered with the Philippine Stock Exchange, Inc. Thus, checklist of requirements for Sale of Unregistered Securities is not applicable. The Philippine Stock Exchange, Inc. is the principal market where the corporation’s common equity is traded.

Market Prices of Common Stocks: (Phil. Stock Exchange, Inc.)

Herewith are the high, low, and closing prices of shares of stock traded from April 2012 to March 2013:

MONTH HIGH LOW CLOSE

April 1,300.00 1,220.00 1,300.00 May 1,295.00 1,155.00 1,275.00 June 1,275.00 1,145.00 1,200.00 July 1,240.00 1,150.00 1,240.00 August 1,260.00 1,150.00 1,165.00 September 1,220.00 1,120.00 1,190.00 October 1,200.00 1,110.00 1,145.00 November 1,135.00 1,110.00 1,115.00 December 1,120.00 1,104.00 1,104.00 January 1,150.00 1,103.00 1,105.00 February 1,112.00 1,103.00 1,105.00 March 1,150.00 1,103.00 1,150.00

High and low sale prices for each quarter are as follows:

A) April 01, 2013 - March 31, 2014 Period High Low Close First Quarter P/ 1,290.00 P/ 1,173.33 P/ 1,258.33 Second “ 1,240.00 1,140.00 1,198.33 Third “ 1,151.66 1,108.00 1,121.33 Fourth “ 1,137.33 1,103.00 1,120.00

B) April 01, 2012 - March 31, 2013 Period High Low Close First Quarter P/ 970.00 P/ 918.33 P/ 955.00 Second “ 1,040.00 965.00 1,010.00 Third “ 1,075.00 1,005.00 1,070.00 Fourth “ 1,173.33 1,069.66 1,155.66

The number of shareholders on record as of March 31, 2014 was One Thousand Five Hundred Two (1,502). Common shares issued and outstanding were 13,731,303.

- 22 -

20 TOP FEU STOCKHOLDERS AS OF MARCH 31, 2014

Title of Class

Name of Beneficial Owner

No. of Shares and Nature of

Beneficial Ownership

Citizenship

Percent Of Class

1. Common Seyrel Investment and Realty Corporation

3,930,969 – D Filipino 28.6278

2. Common Sysmart Corporation 2,955,115 – D Filipino 21.5210 3. Common Desrey, Inc. 1,098,720– D Filipino 8.0016 4. Common Angelina D. Palanca 442,528 – D Filipino 3.2228 5. Common PCD Nominee Corporation (Filipino) 387,116 – D Filipino 2.8192 6. Common Sr. Victorina D. Palanca 308,000 – D Filipino 2.2431 7. Common ICM Sisters Phil. Mission Board, Inc. 301,000 – D Filipino 2.1921 8. Common Aurelio R. Montinola III 261,510 – D Filipino 1.9045 9. Common Marco P. Gutang 175,113 – D Filipino 1.2753 10. Common Gonzaga-Lopez Enterprises, Inc. 168,190 – D Filipino 1.2249 11. Common Jomibel Agricultural Development

Corp. 149,070 – D Filipino 1.0856

12. Common AMON Trading Corporation 126,594 – D Filipino 0.9219 13. Common ZARE, Inc. 69,468 – D Filipino 0.5059 14. Common Rosario P. Melchor 67,519 – D Filipino 0.4917 15. Common Juan Miguel R. Montinola 62,621 – D Filipino 0.4560 16. Common Rosario Panganiban-Melchor 61,294 – D Filipino 0.4464 17. Common Gianna R. Montinola 60,522 – D Filipino 0.4408 18. Common Antonio R. Montinola 60,344 – D Filipino 0.4395 19. Common Mitos Sison 56,512 – D Filipino 0.4116 20. Common Consorcia P. Reyes 55,071 – D Filipino 0.4011

Management’s Discussion and Analysis or Plan of Operation Financial Position :

A summary of the previous years’ performance indicates that on March 31, 2012, the

company and its subsidiaries had a total consolidated resources of P5,227.89 million, a total consolidated liability of P501.53 million and a total consolidated net worth of P4,726.35 million. Consolidated resources consisted of P2,793.51 million current assets and P2,434.38 million non-current assets. Most of the consolidated current assets were quick assets amounting to P2,447.28 million, an amount more than sufficient to cover total consolidated liability out of which P473.73 million was current. The total consolidated net worth consisted of P4,245.05 million equity attributable to the owners of the parent company and a P481.30 million equity for the non-controlling interest. The company’s net worth attributable to the owners of the parent company consisted of a paid-up capital, net of treasury stocks amounting to P1,373.13 million, an accumulated fair value gain of P83.55 million, and a retained earnings of P2,788.37 million. The company’s retained earnings consisted of a P1,718.50 million restricted retained earnings and a P1,069.87 million free retained earnings. Current ratio was 5.90:1 and debt was 10.61% of equity.

Figures presented last March 31, 2013, showed that total consolidated assets amounted to

P7,027.27 million which was 34.42% higher than the previous year’s P5,227.89 million. Total consolidated liabilities amounted to P1,362.72 million which was 171.71% higher than the previous year’s P501.53 million. Total consolidated equity amounted to P5,664.55 million which was 19.85% higher than the previous year’s P4,726.35 million. Equity attributable to the owners of the parent company amounted to P4,811.87 million and was 13.35% more than the previous year’s P4,245.05 million. Equity for non-controlling interests amounted to P852.68 million and was 77.16% more than the previous year’s P481.30 million. Current ratio was 5.93:1 and debt was 24.06% of equity.

For the current year in review, on March 31, 2014, total consolidated assets amounted to

P8,053.45 million which was 14.60% higher than the previous year’s P7,027.27 million. Total consolidated liabilities amounted to P1,515.19 million which was 11.19% higher than the previous year’s P1,362.72 million. Total consolidated equity amounted to P6,538.26 million which was 15.42% higher than the previous year’s P5,664.55 million. Equity attributable to the owners of the parent company amounted to P5,158.54 million and was 7.20% higher than the previous year’s P4,811.87 million. Equity for non-controlling interest amounted to P1,379.72 million and was 61.81% more than the previous year’s P852.68 million. Current ratio was 4.80:1 and debt was 23.17% of equity.

For the past four (4) years, total consolidated assets increased at an average annual rate of

20.02% or P1,115.02 million a year while, consolidated liabilities increased at around P346.92 million or 62.87% a year. The unusual increase in assets and liabilities in 2013 was mainly due to a bank loan amounting to P800 million. For the same period of time, consolidated stockholders’ equity also increased at an average annual rate of 15.63% or P768.11 million a year.

( I n M i l l i o n P e s o s )

Consolidated Increase / (Decrease) Consolidated Increase / (Decrease) Excess of Assets

over Liabilities

Increase / (Decrease)

Assets Amount % Liabilities Amount % Amount %

March 31, 2011 4,708.38

474.44

4,233.94

March 31, 2012 5,227.89 519.51 11.03% 501.53 27.09 5.71% 4,726.36 492.42 11.63%

March 31, 2013 7,027.27 1,799.38 34.42% 1,362.72 861.19 171.71% 5,664.55 938.19 19.85%

March 31, 2014 8,053.45 1,026.18 14.60% 1,515.19 152.47 11.19% 6,538.26 873.71 15.42%

Total

3,345.07 60.06%

1,040.75 188.61%

2,304.32 46.90%

Average

1,115.02 20.02%

346.92 62.87%

768.11 15.63%

During the past four years, the company’s solvency has always been favorable. As of March 31, 2014, the company has P5.32 worth of assets to pay for every P1.00 worth of liability.

During the same period of time, the company remained liquid as shown by the following

statistics in million Pesos: Consolidated Consolidated Excess of Current Assets Year Current Assets Current Liabilities over Current Liabilities March 31, 2011 P 2,349.03 P 451.55 P 1,897.48 March 31, 2012 2,793.51 473.73 2,319.78 March 31, 2013 2,946.82 497.30 2,449.52 March 31, 2014 3,046.21 634.27 2,411.94

As of March 31, 2014, the company has P4.80 worth of current assets to pay for every P1.00 worth of current liability.

The stability in the company’s financial condition both in solvency and liquidity is

largely attributed to the company’s consolidated net income each year over the past four years, which were always more than enough to pay the usual yearly cash dividends during the same period of time.

( I n M i l l i o n P e s o s )

Excess of Net

Consolidated Cash

Income over Cash Year Net Income Dividends Paid % Dividends Paid %

2010 - 2011 655.25 294.2 44.9% 361.05 55.1% 2011 - 2012 741.47 311.9 42.1% 429.57 57.9% 2012 - 2013 890.86 329.6 37.0% 561.26 63.0% 2013 - 2014 902.82 370.7 41.1% 532.12 58.9%

235.0%

Four year average

58.74%

Based on the above figures, around 58.74% of each year’s consolidated net income had been retained. As a result, consolidated owner’s equity steadily improved as follows:

( I n M i l l i o n P e s o s ) Consolidated Increase Year Owner’s Equity (Decrease) % March 31, 2011 4,233.94 March 31, 2012 4,726.36 492.42 11.63% March 31, 2013 5,664.55 938.19 19.85% March 31, 2014 6,538.26 873.71 15.42%

As of March 31, 2014, consolidated owner’s equity accounts for 81.19% of consolidated assets.

Results of Operations In 2010-2011, consolidated operating revenue amounted to P2,091.72 million while

consolidated cost and operating expenses amounted to P1,495.20 million resulting in a consolidated operating income of P596.52 million. On the same year, other income amounted to P159.0 million resulting in a consolidated net profit before tax of P755.52 million. Tax for this year was P100.27 million and, therefore, net profit after tax amounted to P655.25 million out of which P635.62 million was attributable to owners of the parent company and the balance of P19.63 million to non-controlling interest. The main source of operating revenue was tuition/school fees amounting to P1,986.91 million (95.0%) followed by rental (3.45%), management fee (.87%), sale of real estate (.55%) and others (.14%). On the other hand, investment income amounting to P154.14 million (96.94%) was the main source of other income.

In 2011-2012, consolidated operating income amounted to P663.66 million which was

11.26% more than the previous year’s P596.52 million. While, other income amounted to P191.67 million which was 20.55% higher than the previous year’s P159.0 million. The combined effect was a net profit before tax of P855.33 million which was 13.21% more than the previous year’s P755.52 million. Tax for this year amounted to P113.86 million. Net profit after tax was P741.47 million out which P719.30 million was attributable to owners of the parent company and the balance of P22.17 million to non-controlling interest.

In 2012-2013, due to a one-time sale of real estate amounting to P184.43 million,

consolidated operating income jumped to P905.19 million which was 36.39% higher than the previous year’s P663.66 million. Other income, however, went down to P158.67 million and was lower by 17.22% compared to the previous year’s P191.67 million. The combined effect was a net profit before tax of P1,063.86 million which was still higher by 24.38% compared to the previous year’s P855.33 million. Tax for this year amounted to P173.0 million. Net profit after tax was P890.86 million out which P800.23 million was attributable to owners of the parent company and the balance of P90.63 million to non-controlling interest.

In 2013-2014, consolidated operating income amounted to P829.30 million, which was

8.38% lower than the previous year’s P905.19 million but other income recovered and went up to P201.62 million and was higher by 27.07% compared to the previous year’s P158.67 million. The combined effect was a net profit before tax of P1,030.93 million which was lower by 3.10% compared to the previous year’s P1,063.86 million. Tax for this year was P128.11 million. Net profit after tax was P902.82 million out which P855.02 million was attributable to owners of the parent company and the balance of P47.79 million to non-controlling interest.

During the past four years, consolidated operating income increased at an average rate of

13.09% or P77.59 million a year while other income increased at an average rate of 10.13% or P14.21 million a year. The combined effect was a net profit before tax that increased at an average rate of 11.50% or P91.80 million a year. After all taxes, the remaining net profit increased at an average rate of 11.55% or P82.52 million a year.

( I n M i l l i o n P e s o s )

Consolidated Periodic Periodic

Net Profit Periodic

Operating Increase / (Decrease) Other Increase / (Decrease) Before Increase / (Decrease)

Income Peso % Income Peso % Tax Peso %

2010 - 2011 596.52

159.00

755.52 2011 - 2012 663.66 67.14 11.26% 191.67 32.67 20.55% 855.33 99.81 13.21%

2012 - 2013 905.19 241.53 36.39% 158.67 (33.00) -17.22% 1,063.86 208.53 24.38%

2013 - 2014 829.30 (75.89) -8.38% 201.62 42.95 27.07% 1,030.93 (32.93) -3.10%

2,994.67 232.78 39.27% 710.96 42.62 30.40% 3,705.64 275.41 34.50%

Average 748.67 77.59 13.09% 177.74 14.21 10.13% 926.41 91.80 11.50%

80.81%

19.19%

100.00%

During the same four-year period, the average annual net profit before tax was P926.41

million. Operating income contributed an average of 80.81% or P748.67 million a year while other income was at 19.19 % or P177.74 million a year.

Operating income was able to contribute significantly (80.81% average per year) to total net profit before tax because cost and operating expenses were effectively controlled during the past four years at an average increase of 2.71% or P41.23 million a year while operating revenues posted a higher increase at an average rate of 5.62% or P118.82 million a year.

( I n M i l l i o n P e s o s )

Consolidated Periodic Cost and Periodic Periodic

Operating Increase / (Decrease) Operating Increase / (Decrease) Operating Increase / (Decrease)

Revenue Peso % Expenses Peso % Income Peso %

2010 - 2011 2,091.72

1,495.20

596.52 2011 - 2012 2,225.81 134.09 6.41% 1,562.15 66.95 4.48% 663.66 67.14 11.26%

2012 - 2013 2,531.09 305.28 13.72% 1,625.89 63.74 4.08% 905.20 241.54 36.40%

2013 - 2014 2,448.19 (82.90) -3.28% 1,618.89 (7.00) -0.43% 829.30 (75.90) -8.38%

9,296.81 356.47 16.85% 6,302.13 123.69 8.13% 2,994.68 232.78 39.27%

Average 2,324.20 118.82 5.62% 1,575.53 41.23 2.71% 748.67 77.59 13.09%

100.00%

67.79%

32.21%

A Look of What Lies Ahead

Below is a schedule of operating revenues during the past four years:

( I n M i l l i o n P e s o s )

SY Tuition /

School Fees % Rental % Management Fee % Sale of

Real Estate % Others % Operating

Revenue Total

10-11 1,986.91 94.99% 72.06 3.45% 18.30 87.00% 11.55 55.00% 2.89 0.14% 2,091.72

11-12 2,064.70 92.76% 92.89 4.17% 47.86 2.15% 16.50 74.00% 3.86 0.17% 2,225.81

12-13 2,196.98 86.80% 89.32 3.53% 55.36 2.19% 184.43 7.29% 4.99 0.20% 2,531.09

13-14 2,282.17 93.22% 98.41 4.02% 55.36 2.26% - -

12.25 0.50% 2,448.19

8,530.76 91.76% 352.68 3.79% 176.88 1.90% 212.48 2.29% 23.99 0.26% 9,296.81

Average 2,132.69 91.76% 88.17 3.79% 44.22 1.90% 53.12 2.29% 6.00 0.26% 2,324.20

Since the main source of operating revenues is tuition/school fees, enrollment will be a major factor in the group’s consolidated results of operations.

For school year 2014-2015, the first semester enrollment of FEU is at 27,884 which is 1,086 students (3.7%) less than last year’s 28,970. The slight decrease in enrollment is due stricter admission policies aimed at improving the quality of our new students.

FEU’s 2014-2015 basic tuition fee increased by 4.1% for freshmen and 3.0% for upper

classmen compared to last year’s 3.5% for all year levels. This year’s average percentage increase is more or less the same with last year.

The slight decrease in enrollment will certainly have an adverse effect on income but with

proper and better management of resources, we expect that the 2014-2015 operating income of the parent company would still be satisfactory. With FECSI’s first semester enrollment in HED now at 894 which is higher by 122 (15.8%) over its previous year’s enrollment of 772 and with EACCI starting to operate as an educational institution this year, the FEU group may even surpass its 2013-2014 consolidated net income.

Fully aware of the importance to maintain a satisfactory level of enrollment, the FEU group is committed to continue to uplift academic standards even more. This will be done through continuously updating curricula, strengthening faculty, improving services to students and providing the best educational facilities. With a reasonable tuition fee hike, the group is confident that it will maintain its market share in the industry.

Top Five (5) Key Performance Indicators

I. Test of Liquidity

Liquidity refers to the company’s ability to pay its short-term current liabilities as they fall due. This is measured by any of the following:

1. Current ratio measures the number of times that the current liabilities could be paid with the available current assets (Adequate: at least 1.5:1)

March 31, 2011 5.20:1 March 31, 2012 5.90:1 March 31, 2013 5.93:1 March 31, 2014 4.80:1

2. Quick ratio measures the number of times that the current liabilities could be

paid with the available quick assets (Adequate: at least 1:1)

March 31, 2011 4.38:1 March 31, 2012 5.17:1 March 31, 2013 4.85:1 March 31, 2014 4.24:1

II. Test of Solvency

Solvency refers to the company’s ability to pay all its debts whether such liabilities are current or non-current. It is somewhat similar to liquidity, except that solvency involves a longer time horizon. This is measured by any of the following:

1. Debt to equity ratio measures the amount of assets provided by the creditors relative to that provided by the owner (Adequate : 100% or less)

March 31, 2011 11% March 31, 2012 11% March 31, 2013 24% March 31, 2014 23%

2. Debt to asset ratio measures the amount of assets provided by the creditors

relative to the total amount of assets of the company. (Adequate: 50% or less)

March 31, 2011 10% March 31, 2012 10% March 31, 2013 19% March 31, 2014 19%

3. Equity to asset ratio measures the amount of assets provided by the owner

relative to the total assets of the company (Adequate: 50% or more)

March 31, 2011 90% March 31, 2012 90% March 31, 2013 81% March 31, 2014 81%

III. Test of Profitability

Profitability refers to the company’s earning capacity. It also refers to the company’s ability to earn a reasonable amount of income in relation to its total investment. It is measured by any of the following:

1. Return on total assets measures how well management has used its assets

under its control to generate income (Adequate: at least equal to the prevailing industry rate).

March 31, 2011 14% March 31, 2012 14% March 31, 2013 13% March 31, 2014 11%

2. Return on owner’s equity measures how much was earned on the owners’ or stockholders’ investment. (Adequate: at least equal to the prevailing industry rate).

March 31, 2011 15% March 31, 2012 16% March 31, 2013 16% March 31, 2014 14%

3. Earnings per share measures the net income per share.

March 31, 2011 P46.29 March 31, 2012 52.38 March 31, 2013 58.28 March 31, 2014 62.27

IV. Product Standard • FEU

1. Teaching performance in the University is constantly being monitored to maintain a satisfactory level of excellence. Various incentives are given to our faculty for teaching excellence.

2. The Philippine Association of Colleges and Universities Commission on

Accreditation (PACUCOA) has granted Certificates of Level III Re-accredited Status from April 2011 to April 2016 to:

Bachelor of Arts in Mass Communications Bachelor of Science in Business Administration major in: Business Economics Financial Management Marketing Management Human Resource Development Management Operations Management Business Management Internal Auditing Legal Management

Similarly, PACUCOA granted a Level III Reaccredited Status from April 2011 to April 2015 to: Bachelor of Science in Accountancy Bachelor of Science in Biology Bachelor of Science in Applied Mathematics major in Information Technology Bachelor of Science in Psychology

Bachelor of Elementary Education Bachelor of Secondary Education

Also, PACUCOA have granted Candidate status from March 2012 to March 2014 to:

Master of Arts in Psychology Master of Arts in Education Doctor of Education

PACUCOA has conducted Level 1 Formal Visit to the following programs last May 2014:

Master of Arts in Psychology Master of Arts in Education Doctor of Education

Results of the said visit will be forwarded by PACUCOA before the year ends.

The Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU) granted Level II Reaccredited Status to Bachelor of Nursing program until 2015.

3. Performance of FEU graduates in their respective Board Exams is generally

better than the national passing rate with the following board placers:

Medical Technology, March 2014 4th and 8th Place Architecture 9th Place

• FECSI, EACCI and FEU Alabang

All are established to operate as educational institution. FECSI is relatively new but fully operational offering basic and higher education programs. EACCI is in engineering and IT courses and shall accept enrollment starting this school year (2014-2015). FEU Alabang is still in its pre-operating stage. All of them shall follow the FEU model.

V. Market Acceptability

• FEU

1. Below is a schedule of the first semester enrollment for the past 5 years: Increase SY Enrollment (Decrease)

2009-2010 22,885 2010-2011 24,672 1,787 2011-2012 26,962 2,290 2012-2013 29,580 2,618 2013-2014 28,970 ( 610 )

2. Below is a schedule of Entrance and Entrance Merit Scholars for the past 5 years:

SY Entrance Entrance Merit Total

2009-2010 958 198 1,156 2010-2011 1,126 223 1,349 2011-2012 1,475 230 1,705 2012-2013 1,599 256 1,855 2013-2014 1,433 253 1,686

The substantial enrollment despite difficult times and the big number of valedictorians, salutatorians and entrance merit scholars are indications that FEU is one of the better choices among the various colleges and universities in the metropolis.

• FECSI, EACCI and FEU Alabang

FECSI’s first semester enrollment in HED has steadily improved from 284 in 2011-2012 to 894 in 2014-2015. This year, it increased by 122 or 15.8% over the first semester enrollment of 2013-2014. This is a positive sign that more and more students are considering FECSI as one of their better choices in Cavite and in its surrounding area.

EACCI is a new technology school which will offer IT and engineering courses and

shall be called FEU Tech. With the FEU brand in its name and with its new 17-storey building complete with facilities, we expect that it will also have its fair share in the market.

FEU Alabang is still in its pre-operating stage.

Formula

A. Liquidity 1. Current ratio = Current assets Current Liabilities 2. Acid test ratio = Quick assets Current Liabilities

B. Solvency 1. Debt to Equity ratio = Total liabilities Total Stockholder's Equity 2. Debt to Asset ratio = Total liabilities Total assets 3. Equity to Asset ratio = Total Stockholder's Equity Total assets

C. Profitability 1. Return on Assets = Net Profit Total assets 2. Return on Owner's Equity = Net Profit Total Stockholder's Equity 3. Earning per share = Net Profit Total Outstanding shares

Facts

( I n M i l l i o n P e s o s )

March 31, 2011 March 31, 2012 March 31, 2013 March 31, 2014

Quick Assets 1,976.34 2,447.28 2,411.66 2,688.20

Current Assets 2,349.03 2,793.51 2,946.82 3,046.21

Non-Current Asset 2,359.35 2,434.38 4,080.45 5,007.24

Total Assets 4,708.38 5,227.89 7,027.27 8,053.45

Current Liabilities 451.55 473.73 497.30 634.27

Non-Current Liabilities 22.89 27.80 865.42 880.92

Total Liabilities 474.44 501.53 1,362.72 1,515.19

Stockholder's Equity 4,233.94 4,726.36 5,664.55 6,538.26

•Owners of Parent Company 3,774.80 4,245.05 4,811.87 5,158.54

•Non-controlling Interest 459.13 481.30 852.68 1,379.72

Operating Profit 596.52 663.66 905.19 829.30

Other Income 159.00 191.67 158.67 201.62

Net Profit before Tax 755.52 855.33 1,063.86 1,031.93

Net Profit or Profit after Tax 655.25 741.47 890.86 902.82

•Owners of Parent Company 635.62 719.30 800.23 855.02

•Non-controlling Interest 19.63 22.17 90.63 47.79

Other Comprehensive Income 12.79 62.90 96.14 (137.61)

Total Comprehensive Income 668.04 804.37 987.00 765.21

• Total Outstanding shares

• Actual 9,808,448 13,731,303 13,731,303 13,731,303

• Earnings per share computation 13,731,030 13,731,303 13,731,303 13,731,303

Other Items

1. The current economic condition may still affect the sales/revenues/income from operations.

2. There are no known events that would result in any default or acceleration of an

obligation.

3. There are no known events that will trigger direct or contingent financial obligation that may be material to the company

4. There are no material off-balance sheet transactions, arrangements, obligations

(including contingent obligations), and other relationships of the company with unconsolidated entities or other persons created during the reporting period.

5. The company does not foresee any cash flow or liquidity problem in the next 12 months.

It can easily meet all its commitments with its present reserves and expected earnings.

6. There are no significant elements of income or loss from continuing operations.

7. There are no sales of Unregistered or Exempt Securities including Recent Issuance of Securities Constituting an Exempt Transaction.

8. A branch (FEU Makati Campus) was opened in June 2010 at the Makati area to offer

business courses. Its educational income for the year ended March 31, 2014 is P153.89 million while its operating expense is P36.48 million. Other income amounted to P.30 million resulting in a net income before tax of P117.70 million.

The Board of Trustees in its meeting held on March 16, 2010, also authorized the Corporation to join and participate as a party/co-venturer with PHI Culinary Arts and Food Services Institute, Inc. to set up a Joint Venture Company (JVC) named ICF-CCE, Inc. for the purpose of owning and operating a culinary arts school to be named “ICF@FEU”. The registration of the JVC was approved by SEC on May 7, 2010. As the joint venture continues to incur losses, management fully impaired its investment. The allowance for impairment recognized in 2013 is presented in the 2013 statement of comprehensive income. As of March 31, 2014, the JVC already ceased its operations and therefore, management decided to write-off its previously impaired total investments in ICF-CCE. In 2013, the University increased its subscription in common shares of EACCI to P150.1 million. Also in January 2013, FEU Alabang, Inc. was established with an authorized capital stock of P100 million. The University subscribed 25% or P25 million of the authorized capital stock; of which 25% or P6.2 million was paid as of March 31, 2013.

9. Seasonal aspects that has material effect on financial statements:

There are three school terms within a fiscal year: the summer (April to May), the first semester (June to October) and the second semester (November to March). The first semester has the highest enrollment. The second semester is usually at 90% of the first semester’s enrollment while summer is the lowest at around 33%. The full load of a student during the summer is 9 units compared to 21 to 24 during the first and second semesters. The tuition fee increase, if any, usually takes effect during the first semester of the current school year. Thus, old rates are followed during the summer term while new rates are used during the first and second semesters. Since the first quarter is from April to June, the resulting income for the first quarter is expected to be lowest among the four quarters of the fiscal year.

10. The K-12 program is just around the corner and shall have an adverse effect on our

enrollment starting school year 2016-2017. Since two years shall be added to our present 10-year basic education program, there shall be no fresh high school graduates for two consecutive years starting 2016-2017. College enrollment shall drastically decrease for 5 years especially from 2017-2018 to 2019-2020. The situation shall only normalize in 2021-2022. To cushion its impact, the parent company formed another subsidiary (FEU High School, Incorporated) to offer and conduct enhanced basic education programs including junior and senior high school starting academic year 2016-2017. With EACCI also fully operating as an educational institution, the FEU group is confident that it shall be able to go through the K-12 adjustment period without too much difficulty.

11. Segment Reporting

I. BUSINESS LINE

( I n T h ou s a n d s )

Real Estate

2013 - 2014

Education

Rental

Sale of Properties

Investment

Total

Revenues P 2,282,168 P 183,736 P 6,401 P 223,422 P 2,695,727 Costs and other operating expenses

1,557,323

64,258

-

7,939

1,629,520

Operating Income P 724,845 P 119,478 P 6,401 P 215,483 P 1,066,207

Assets P 3,122,937 P 2,306,682 P 195,071 P 2,740,788 P 8,365,478

Liabilities P 1,510,012 P 10,044 P - P - P 1,520,056

II. GEOGRAPHICAL

( I n T h o u s a n d s )

2013 - 2014

Manila

Makati

Cavite

Total

Revenues P 2,468,800 P 161,951 P 64,976 P 2,695,727 Costs and other operating expenses

1,549,172

(28,466)

(51,882)

1,629,520

Operating Income P 919,628 P 133,485 P 13,094 P 1,066,207

Assets P 8,245,543 P 65,546 P 54,389 P 8,365,478

Liabilities P 1,504,104 P 9,049 P 6,903 P 1,520,056

III. RECONCILIATION OF SEGMENT FIGURES TO FINANCIAL STATEMENTS FIGURES

( I n T h o u s a n d s )

2013 - 2014

Segment Report

Reconciling Amount

Financial Statements

Revenues P 2,695,727 P 247,535 P 2,448,192 Costs and other operating expenses

1,629,520

10,633

1,618,887

Operating Income P 1,066,207 P 236,902 P 829,305

Assets P 8,365,478 P 65,546 P 8,053,449

Liabilities P 1,520,056 P 9,049 P 1,515,189

The reconciling figures are mainly due to the elimination of intersegment and/or intercompany accounts.

Gross Book Value Accumulated Depreciation Net Book Value Location Condition

FAR EASTERN UNIVERSITY

I. PROPERTY, PLANT & EQUIPMENT:-

L A N D 98,457,565.00 - 98,457,565.00 Manila Very GoodL A N D - BILUSO, SILANG 41,434,567.00 - 41,434,567.00 Cavite

139,892,132.00 139,892,132.00

BUILDINGS & LAND IMPROVEMENTS

Technology 286,667,446.00 132,487,693.00 154,179,753.00 Manila "Alfredo Reyes Hall 121,131,348.00 52,809,960.00 68,321,388.00 " "Leasehold Improvement 383,313,959.00 78,770,876.00 304,543,083.00 " "Science Building 160,202,239.00 36,187,695.00 124,014,544.00 " "Arts Building 33,404,947.00 11,249,295.00 22,155,652.00 " "Nicanor Reyes Hall 194,501,195.00 17,530,318.00 176,970,877.00 " "GEC & Educational Hall - - - " "Grade school - - - " "LB to SB Covered Walk 617,737.00 617,737.00 - " "Covered Passage 3,202,126.00 1,210,353.00 1,991,773.00 " "Perimeter Fence 715,360.00 689,729.00 25,631.00 " "Campus Pavilion 1,661,650.00 611,388.00 1,050,262.00 " "Pavilion 2 & Pergola 310,000.00 310,000.00 - " "Electrical Rooms 296,196.00 296,196.00 - " "Chapel 5,263,611.00 - 5,263,611.00 " "Others 9,992,679.00 2,829,140.00 7,163,539.00 " "Grandstand 1,562,113.00 345,471.00 1,216,642.00 " "FEU Makati Campus 166,986,490.00 29,369,038.00 137,617,452.00 Makati "

1,369,829,096.00 365,314,889.00 1,004,514,207.00

CONSTRUCTION IN PROGRESS II 1,260,400.00 - 1,260,400.00 Manila "1,260,400.00 1,260,400.00

EQUIPMENTS

Furnitures & Fixtures 54,868,180.00 30,284,232.00 24,583,948.00 Manila "Electrical & Mechanical 113,451,392.00 72,794,639.00 40,656,753.00 " "Information Technology 89,646,750.00 58,078,296.00 31,568,454.00 " "Transportation Equipment 34,669,915.00 23,453,235.00 11,216,680.00 " "Miscellaneous Fixed Assets 103,703,682.00 90,549,089.00 13,154,593.00 " "T o o l s 1,375,994.00 1,259,122.00 116,872.00 " "Museum Collection 9,065,199.00 - 9,065,199.00 " "Laboratory Equipment 24,333,803.00 2,270,951.00 22,062,852.00 " "Athletic & Sports Equipment 796,187.00 292,843.00 503,344.00 " "Musical Instrument 2,251,942.00 365,032.00 1,886,910.00 " "

434,163,044.00 279,347,439.00 154,815,605.00 "

TOTAL 1,945,144,672.00 644,662,328.00 1,300,482,344.00

FAR EASTERN UNIVERSITYSCHEDULE OF PROPERTY, PLANT & EQUIPMENT/INVESTMENT PROPERTY

SCHOOL YEAR 2013 - 2014

24

II. INVESTMENT PROPERTIES:LAND 53,394,726.00 - 53,394,726.00 Manila Very GoodLAND - FILINVEST 1,053,292,737.00 - 1,053,292,737.00 Muntinglupa "

1,106,687,463.00 1,106,687,463.00 "

CONSTRUCTION IN PROGRESS I 5,702,187.00 - 5,702,187.00 Muntinglupa

COLLEGE OF ENGINEERING BUILDING 243,831,472.00 121,758,417.00 122,073,055.00 Manila "FEU SILANG 1 204,550,000.00 17,669,375.00 186,880,625.00 Cavite "FEU SILANG 11 222,826,542.00 18,340,342.00 204,486,200.00 Cavite "

671,208,014.00 157,768,134.00 513,439,880.00

TOTAL 1,783,597,664.00 157,768,134.00 1,625,829,530.00

TOTAL - FEU 3,728,742,336.00 802,430,462.00 2,926,311,874.00

FERN REALTY CORPORATION

INVESTMENT PROPERTYLand 459,399,933.00 - 459,399,933.00 Mla- Mkti-Cavite "Land Improvements 2,941,666.00 2,941,666.00 - Mla- Mkti-Cavite "Building 184,664,352.00 65,677,683.00 118,986,669.00 Manila "Building Improvements 7,576,800.00 5,937,422.00 1,639,378.00 Various "Construction in Progress 84,926,803.00 - 84,926,803.00 Mkti -Taguig "

TOTAL 739,509,554.00 74,556,771.00 664,952,783.00

EAST ASIA COMPUTER CENTER, INC.

Construction in Progress 790,523,940.00 - 790,523,940.00 ManilaFurnitures & Fixtures 1,212,330.00 - 1,212,330.00 Manila newly acquiredComputer Equipment 1,225,900.00 - 1,225,900.00 Manila newly acquired

TOTAL 792,962,170.00 - 792,962,170.00

FEU CAVITE

Furnitures & Fixtures 6,198,209.00 2,990,